India’s food and beverages (F&B) industry is growing at a rapid pace of 10% from USD 48 Bn in 2016 to reach USD 77 Bn by 2021, says NRAI Food Service report.
Today, the industry is going through an exciting phase where country’s private finals consumption expenditure accounts for 60% of the total GDP and is predicted to reach USD 2.4 trillion by 2021. This clearly shows that in days to come eating out scenario and the people’s choice to eat out at least 4-5 times a week will surpass the trend to that of developed economies like the UK, France and Italy. Driven by change in lifestyle, adaptation of new cultures, awareness about global trends and keenness about experimentation there is a room for every segment in India.
“With growing number of workforce in corporate and IT sector, demand for eating out places has also risen up. Restaurants are coming up with diverse options from exotic dining options to healthy options. Customers are also more aware about various cuisines and want mix of both home food options to street food options,” says Pariekshit Madishetty, MD, Grid Logic Hotels and Resorts.
Customers are also very cautious about quality and taste offered to them. These diners are well travelled, knowledgeable and are adventurous, therefore they love trying various food options to satisfy their taste buds. And, they keep exploring new food options and are ready to spend for good quality and tasty cuisines. “It is all about the ingredients, only with fresh quality ingredients can you cook good food,” shares Chef Alex Moser, Executive chef, Andaz Delhi.
People these days are looking for an overall experience. They are heading to a QSR when they want to grab the food and leave; looking out for a casual dining chain when they want some fun with value for money pricing; heading to a cafe when they want to spend time with friends and relax and is looking out for a fine dine restaurants when they are out on a celebration and is looking for an everlasting experience. “You need to make your customer happy as it is a two way game. We have looked into their needs and given them so much of romance over the time that people got inspired by the Italian culture and food,” points chef Om Nayak, Owner at The Pasta Bowl Company which has 90% of repetitive customers at their restaurant.
Although, 67 per cent of the sector is still unorganized, these waves of development may affect the sector by a fall of 59 per cent, says NRAI report. Hence, we can say that Indian food and beverages market is going through most exciting times...thanks to eating out behaviour of the new age customers.